[The Final Dakar]

Trump tax plan heavy on promises, light on details - POLITICO

The announcement included a big cut in tax rates for businesses, to 15 percent; fewer tax brackets for individuals; doubling the standard deduction; and providing tax relief to help pay for child and dependent care expenses.

At the same time, the plan would get rid of some taxes that mostly hit the wealthy, including the estate tax and the alternative minimum tax, while promising to "Eliminate targeted tax breaks that mainly benefit the wealthiest taxpayers."

The plan would retain deductions for mortgage interest and charitable donations but get rid of all others, including for state and local taxes they pay and health insurance they get from employers — both controversial ideas.

For high-income individuals, the plan would get rid of the 3.8 percent tax on investment income that helps pay for Obamacare.

It proposes three individual tax brackets of 12 percent, 25 percent and 35 percent, the latter being slightly higher than 33 percent called for in the House Republican plan.

(I think reducing the amount of income tax brackets is a scam and a poor claim of 'simplification.' We got computers now. We can handle more brackets for better granularity, not less.)

“This will pay for itself with growth and with reduced, reduction of different deductions and closing loopholes,” Mnuchin said.

Ha!


So, who's cool with this? Even if it raises the deficit?
Anyone buy that this will pay for itself?
Does anyone believe trickle-down even works anymore?



Money quote:

“It’s not the federal government’s job to be subsidizing the states,” Mnuchin said.

You **** yourself, states! Rich people gotta eat